Deals
Billionaire Agarwal to Boost Anglo Stake by Up to $2 Billion
- Indian businessman set to become U.K. miner’s top shareholder
- Agarwal calls it a personal investment, no plans for takeover
Operations At Anglo American Plc's Kumba Iron Ore Ltd. Mine
Photographer: Nadine Hutton/BloombergThis article is for subscribers only.
Anil Agarwal, an Indian mining billionaire, is buying 1.5 billion pounds ($2 billion) worth of additional Anglo American Plc shares, increasing his stake in the blue-chip British miner that’s benefited from a recovery in commodity prices.
Agarwal said Wednesday the purchase, which is the equivalent of about 9 percent, was a family investment and he doesn’t intend to make a takeover offer for the company, according to a statement. It comes on top of the 12.43 percent stake he’s built since an announcement in March that his Volcan unit was investing in the company.